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Eurozone Job Crisis

Trends and policy responses

Eurozone Job Crisis by International Labour Office
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It is often argued that the cost of social equityis less economic growth, highlighting thesupposed trade-off between these two goals.The crisis that erupted in 2008, which waspreceded by rising social inequalities, hasshown that this is simply not the case. Infact, if properly designed, equity-enhancingpolicies can also promote prosperity andreduce the risk of future crises. The aim ofthe Studies on Growth with Equity series isto show how such policy complementaritiescan be achieved.This study provides the latest trends on theemployment situation in EU countries andexamines the labour market reforms adoptedby various governments.Employment remains depressed in themajority of Eurozone countries and a further4.5 million jobs may be lost, questioning theprimacy of fiscal goals as the backbone ofthe policy strategy. Addressing the jobs crisisin the Eurozone requires, first, repairing thefinancing system urgently; second, promotinggrowth and jobs, taking into account initialcountry conditions, including through well designedinvestment and income policies,effective employment programmes, notablyyouth guarantees, realistic fiscal plans tosupport jobs while meeting deficit goals inthe medium term; and third, greater policycoordination in the Eurozone to support thecommon currency. A jobs pact is vital forthe stability of the Eurozone as a single currencyarea.
International Labour Office; July 2012
57 pages; ISBN 9789292510145
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Title: Eurozone Job Crisis
Author: International Labour Office